Stantec announces good results and details on acquisition of Jacques Whitford

For its first quarter in 2009, Stantec announced an increase in gross revenues of 38.7%, and net revenue increase of 34.7%, compared to the same quarter last year. Gross revenues were $404.8 million compared to $291.8 million in the first quarter of 2008, while net income increased to $20.7 million from $16.9 million in the period last year.  Diluted earning per share were up 21.6% to 0.45 cents.

Stantec also completed the acquisition of Jacques Whitford for a cash consideration of $64 million and notes payable of $79 million.

The results were announced at the company’s annual meeting on May 14 held at the Royal Alberta Museum in Edmonton. The same day, Tony Franceschini stepped down as president and chief executive officer of the company. Robert (Bob) Gomes has taken over the role.